Wolters Kluwer’s ELM Solutions reveals AI-powered contract intelligence capabilities and workflow enhancements
Leading legal operations solutions provider celebrates innovators in the legal industry and shows off enhanced products at #ELMAmplify
Wolters Kluwer ELM Solutions, the market-leading provider of enterprise legal spend and matter management, contract lifecycle management, and legal analytics solutions, released new versions of its solutions and named its Legal Innovator Award winners for 2020 at its virtual, premier user conference ELM Amplify. The company revealed new AI technology for CLM Matrix which now integrates with both the Passport®and TyMetrix® 360° platforms and includes new workflows that mitigate risk to lead to better business outcomes.
The CLM Matrix 20.2 Fall release features AI-powered Contract Intelligence capabilities including contract migration capabilities. The easy contract migration process involves the automation of metadata and clause extraction to deliver speed, efficiency, and data in order to bring older contracts into the central repository will reduce risk, ease contract creation, and improve performance. By leveraging historical data, the new technology will provide insights that will lead to improved business outcomes. CLM Matrix now integrates with the Passport and TyMetrix 360 platforms creating workflows that help customers leverage the power of contract management in concert with matter management, providing increased efficiencies and greater visibility into contract transactions or litigation for legal and contract teams.
In addition to the integration with CLM Matrix, the TyMetrix 360 20.2 and Passport 20.2 Fall releases feature workflow enhancements including:
- A new Case Assessment feature enriches client collaboration with law firms for the life of each matter, ensuring that goals and budgets are clearly defined and an agreed-upon collaborative plan is maintained.
- The Law Firm Scorecard feature offers a new built-in workflow to compare and measure success across law firms on closed matters. The scorecard integrates users’ subjective questionnaire responses with objective data points to present a comprehensive view of each firm’s performance.
- Improved collaboration in Office Companion with document sharing and co-authoring via OneDrive.
- The Legal Holds module is now more flexible and features new reporting capabilities.
Legal Innovator Award Winners
“We are so pleased by the success of our ELM Amplify virtual user conference which, although virtual, delivered the excitement and education of our in-person event. Always a highlight of the conference, I am proud to present the fourth annual Legal Innovator Award winners,” said Jonah Paransky, General Manager and Executive Vice President of ELM Solutions. “Phillips 66, The Westfield Group, and QVC have each found unique ways of leveraging technology to drive significant changes that deliver better business outcomes for their organizations. We are thrilled to recognize this group of outstanding companies who truly Level Up’ their legal ops.”
Phillips 66 was recognized for pioneering legal operations. The Phillips 66 team understands that legal operations drives innovation and requires having the right team and the right technology in place. The legal department’s customized workflows in Passport have had a positive impact on litigation activities and created metrics that demonstrate value to the department.
Westfield was honored for data-driven approach to legal operations. They built an innovative law firm evaluation program that utilizes TyMetrix 360 to help identify performance improvement opportunities with their law firm network and better both outcomes and value. They benchmarked law firm billing practices, activity and expense considerations, timekeeper level utilization, matter outcomes and efficiency. Westfield is now able to confidently match the top performing law firm with the appropriate matter to improve outcomes and value.
QVC was named a Legal Innovator for their steadfast commitment to improving the effectiveness and efficiency of their legal department. QVC recognized an opportunity to improve their bill review and contract management processes and tools and has collaborated with ELM Solutions to deploy CLM Matrix, LegalVIEW® BillAnalyzer along with Passport.